Singles Day sales to get tremendous lift from livestream events, as U.S. retailers play catch-up

There’s no true equivalent to Taobao Live in America, and so the U.S. is still playing catch-up.

“Shopping is a sport in China,” said Coresight CEO Deborah Weinswig. “And this is a consumer who prides themselves on research before they buy something.”

A few weeks later, a designer brand that was moving its headquarters reached out to the couple to help sell excess inventory. The brand had about 700 pairs of shoes it wanted to unload. Within three hours, during a livestream on Taobao, Yuan and Zhang sold all the merchandise.

The Chinese couple, based in New York City, was asked to showcase via Taobao Live a $43 million townhouse on the Upper East Side. They had more than 110,000 people tune in to their first livestreaming event, where they strolled the multilevel building and pointed to key features and tested amenities. Afterward, they received 43 inquires from Chines... See more

The desire for good advice drives Chinese consumers to turn to experts. In China, “even farmers have become influencers,” Weinswig said. “People will buy their groceries from a farmer on a livestream.”

“That was the moment we realized that livestreaming was going to change everything,” Yuan said. “We were literally dealing with hundreds of customers, just three of us, addressing each customer’s sizing concern and questions.”

Earlier this year, Wei, known as Viya, used Taobao to sell a commercial rocket for 40 million yuan, or $5.6 million. The hashtag #WeiYaSellsARocket went viral on the Chinese social platform Weibo after the incredible feat.

According to Alibaba, as many as 400 company executives and 300 celebrities are holding livestreams during this year’s Singles Day. Pop singer Taylor Swift joined Chinese livestreaming megastar Huang Wei for a livestream last weekend ahead of Singles Day.

“The Chinese consumer embraces technology a lot quicker, unfortunately, than the Western world,” said Bruno Schiavi, co-founder of Uncle Bud’s, which makes hemp and CBD topicals and lotions. “And I think the influencers in China really are true influencers. ... The Chinese consumers really trust these people, and it’s just the way of life in China ... See more